Global Infrastructure Partners II (GIP II), the second infrastructure fund from Global Infrastructure Partners (GIP), has amassed around $7.5 billion, regulatory filings made by GIP on July 30 showed.
The disclosure gave credence to a bid by GIP earlier in July to raise the 'hard cap', or maximum size of GIP II, from $7.5 billion to over $8 billion. To do that, the fund manager had to seek, and obtain, investor approval, as exclusively revealed by Infrastructure Investor.
A spokesman from GIP had no comment on the fillings or the amount GIP has raised for its second fund.
GIP II held its second close in May on $5.5 billion, surpassing its initial $5 billion fundraising target. Its second close coincided with the hiring of James Jenkins, a Wall Street insider who GIP hired to head investor relations.
So far in its relatively brief lifespan, GIP II has put together a marquee name portfolio – its first asset was Edinburgh Airport, costing £807 million (€990 million; $1.3 billion). GIP, which is based in London and New York, outbid JPMorgan Asset Management for the airport.
In addition, GIP recently acquired Chesapeake Midstream Partners, a master limited partnership which it helped co-found. Chesapeake, now renamed Access Midstream Partners, is a GIP II portfolio company 100 percent owned by GIP.
Unlike its predecessor, Global Infrastructure Partners I, which closed on $5.64 billion in May 2008, GIP II relied on in-house fundraising, rather than placement agent Credit Suisse.
GIP II is set to become the largest infrastructure fund in the history of the asset class, beating the $6.5 billion collected by Goldman Sachs Infrastructure Partners’ first fund in 2006, according to a survey produced recently by placement agent Probitas Partners.